WHITE COUNTY, Ind. (WLFI) – The potential new owner of the Magnetation plant in Reynolds, Indiana, is hoping to restore production and jobs.
Tom Clarke is the owner of ERP Iron Ore LLC. He is currently in the process of purchasing certain assets from Magnetation.
Clarke said they are waiting on a judge in the U.S. Bankruptcy Court to approve the sale order. He wants to close the deal on Dec. 30.
Clarke said the goal is to start production of iron ore concentrate in Minnesota and pellets at the Reynolds plant.
“As soon as we can develop a plan for reopening or restarting operations at both facilities, we want to make that happen,” he said.
Clarke said he hopes to reopen as soon possible.
“I live in a rural community, myself,” he said. “I know when businesses close down, people go without work or they’re forced to move and separate from friends and family. Our goal is to support rural communities.”
Clarke said the plan is to get the Reynolds plant to full production and possibly employ as many as 200 people.